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Continuation Vehicles: Value Creation Tool or Liquidity Patch?

In our latest PE150 micro survey of 58 professionals, sentiment around GP led continuation vehicles is anything but uniform.

February 25, 2026 • Estimated Reading Time: 2 minutes

  • 47% view them as a value creation tool.

  • 21% say they are increasingly concerning.

  • 14% call them an overused liquidity patch.

  • 12% find them attractive as an LP.

  • Just 7% see them as a pure liquidity necessity.

What this reveals is a market split between strategic believers and structural skeptics.

Nearly half the market believes continuation funds are proactive portfolio management tools. Yet more than one in three either question their overuse or worry about governance and pricing dynamics.

For GPs, the message is clear. Continuation vehicles are no longer experimental. They are mainstream. But mainstream invites scrutiny.

For LPs, the signal is even sharper. Alignment, valuation methodology, and asset quality will separate smart extensions from quiet warehousing.

In other words, GP led deals are not controversial. Bad ones are. (More)